EURUSD turned back from the upper trendline at 1.4000 which helped us bank +90 pips on Swing trade. Our trade was also supported by ISM numbers which unexpectedly came out good for USD. The breakout we predicted depends on second round of Quantitative Easing (QE2) decision on Nov 3rd. Market analyst are split if any QE2 will take place and if yes, then how much. It could be anywhere between 100Bn to 2-3 Tr, this amount will decide the short term USD level.
Later in the week Bank of England (BoE) and European Central Bank (ECB) will also announce their move. This week is quite big in terms on news event. Not to forget NFP news on Friday. As usual Elite members can view all news announcement in real-time.
Daily chart shows a triangle taking shape with price moving a narrowing range. Breakout in either direction could lead into good trend moves and which will help us in both Swing and short term trading.
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